YELENA KALYUZHNOVA is the Director of the Centre for Euro-Asian Studies and a Lecturer in the Economics Department at the University of Reading, UK. Her academic background includes research on transitional economies and macroeconomic issues. Dr Kalyuzhnova is the author of the first major study of the Kazakhstani economy (1998). She has contributed to a wide variety of economic studies for international organisations. - WLADIMIR ANDREFF is Professor of Economics at the University Paris I Pantheon Sorbonne, Honorary Director of the research laboratory ROSES (CNRS), a former president of the European Association for Comparative Economic Studies (1997-98) and the incumbent President of the International Association of Sport Economists. He has authored and edited nine books and has published more than 150 articles in the field of the economics of transition.

Privatization is at the heart of transition, but we have not recently seen a considered reflection of our learning from the numerous and varied cases across the region. This book goes a long way towards filling that gap. It contains five important theoretical chapters and careful analysis of experiences in five countries. Major themes include de novo entry versus privatization as ways to develop the private sector, privatization methods, corporate governance and the speed of privatization.' - Professor Saul Estrin, London Business School 'This book provides a valuable assessment of the lessons learned about privatisation and structural reform now that more than a decade has passed since the end of Communism in eastern Europe and the USSR. The nuanced analyzes of the methods, speed and sufficiency of privatisation in the five theoretical chapters are complemented by informative case studies of the Czech Republic, Kazakhstan, Poland, Romania and Serbia.' - Richard Pomfret, Professor of Economics, University of Adelaide, Australia

• List of Tables and Figures Foreword List of Abbreviations Contributors Introduction; Y.Kalyuzhnova & W.Andreff PART I: PRIVATISATION AND STRUCTURAL REFORMS: THEORETICAL FRAMEWORK Ten Years After The Road to a Free Economy : The Author's Self-Evaluation of Privatisation; J.Kornai Lessons from the Experience of Privatisation in Post-planned Economies; W.Andreff Privatisation Methods and Enterprises Governance in Transition Economies; M.Vagliasindi & P.Vagliasindi Ownership and the Firm: Some Theoretical Gaps Revealed by Privatisation in Transition Economies; J-F.Nivet Privatisation, Human Capital, and Long-Run Development Strategies in Transition Economies; J.Pemberton PART II: PATTERNS AND FEATURES OF PRIVATISATION IN TRANSITION New Private Sector and Growth. A Tale of Two Economies in Transition: Poland and Romania Compared; G.Duchene & P.Rusin Privatisation and Structural Reform: Case Study Kazakhstan; Y.Kalyuzhnova Privatisation in Serbia: Attempts, Outcome and the Present State; B.Cerovic & M.Malovic Privatisation in Czech Republic: Strengths and Weaknesses; A.Zemplinerova & M.Machacek Privatisation of Banks and Firms: The Polish Route; A.Dudzinski & K.Szymkiewicz Conclusion; Y.Kalyuzhnova & W.Andreff Index

YELENA KALYUZHNOVA is the Director of the Centre for Euro-Asian Studies and a Lecturer in the Economics Department at the University of Reading, UK. Her academic background includes research on transitional economies and macroeconomic issues. Dr Kalyuzhnova is the author of the first major study of the Kazakhstani economy (1998). She has contributed to a wide variety of economic studies for international organisations. - WLADIMIR ANDREFF is Professor of Economics at the University Paris I Pantheon Sorbonne, Honorary Director of the research laboratory ROSES (CNRS), a former president of the European Association for Comparative Economic Studies (1997-98) and the incumbent President of the International Association of Sport Economists. He has authored and edited nine books and has published more than 150 articles in the field of the economics of transition.

Privatization is at the heart of transition, but we have not recently seen a considered reflection of our learning from the numerous and varied cases across the region. This book goes a long way towards filling that gap. It contains five important theoretical chapters and careful analysis of experiences in five countries. Major themes include de novo entry versus privatization as ways to develop the private sector, privatization methods, corporate governance and the speed of privatization.' - Professor Saul Estrin, London Business School 'This book provides a valuable assessment of the lessons learned about privatisation and structural reform now that more than a decade has passed since the end of Communism in eastern Europe and the USSR. The nuanced analyzes of the methods, speed and sufficiency of privatisation in the five theoretical chapters are complemented by informative case studies of the Czech Republic, Kazakhstan, Poland, Romania and Serbia.' - Richard Pomfret, Professor of Economics, University of Adelaide, Australia

• List of Tables and Figures Foreword List of Abbreviations Contributors Introduction; Y.Kalyuzhnova & W.Andreff PART I: PRIVATISATION AND STRUCTURAL REFORMS: THEORETICAL FRAMEWORK Ten Years After The Road to a Free Economy : The Author's Self-Evaluation of Privatisation; J.Kornai Lessons from the Experience of Privatisation in Post-planned Economies; W.Andreff Privatisation Methods and Enterprises Governance in Transition Economies; M.Vagliasindi & P.Vagliasindi Ownership and the Firm: Some Theoretical Gaps Revealed by Privatisation in Transition Economies; J-F.Nivet Privatisation, Human Capital, and Long-Run Development Strategies in Transition Economies; J.Pemberton PART II: PATTERNS AND FEATURES OF PRIVATISATION IN TRANSITION New Private Sector and Growth. A Tale of Two Economies in Transition: Poland and Romania Compared; G.Duchene & P.Rusin Privatisation and Structural Reform: Case Study Kazakhstan; Y.Kalyuzhnova Privatisation in Serbia: Attempts, Outcome and the Present State; B.Cerovic & M.Malovic Privatisation in Czech Republic: Strengths and Weaknesses; A.Zemplinerova & M.Machacek Privatisation of Banks and Firms: The Polish Route; A.Dudzinski & K.Szymkiewicz Conclusion; Y.Kalyuzhnova & W.Andreff Index

YELENA KALYUZHNOVA is the Director of the Centre for Euro-Asian Studies and a Lecturer in the Economics Department at the University of Reading, UK. Her academic background includes research on transitional economies and macroeconomic issues. Dr Kalyuzhnova is the author of the first major study of the Kazakhstani economy (1998). She has contributed to a wide variety of economic studies for international organisations. - WLADIMIR ANDREFF is Professor of Economics at the University Paris I Pantheon Sorbonne, Honorary Director of the research laboratory ROSES (CNRS), a former president of the European Association for Comparative Economic Studies (1997-98) and the incumbent President of the International Association of Sport Economists. He has authored and edited nine books and has published more than 150 articles in the field of the economics of transition.

Privatization is at the heart of transition, but we have not recently seen a considered reflection of our learning from the numerous and varied cases across the region. This book goes a long way towards filling that gap. It contains five important theoretical chapters and careful analysis of experiences in five countries. Major themes include de novo entry versus privatization as ways to develop the private sector, privatization methods, corporate governance and the speed of privatization.' - Professor Saul Estrin, London Business School 'This book provides a valuable assessment of the lessons learned about privatisation and structural reform now that more than a decade has passed since the end of Communism in eastern Europe and the USSR. The nuanced analyzes of the methods, speed and sufficiency of privatisation in the five theoretical chapters are complemented by informative case studies of the Czech Republic, Kazakhstan, Poland, Romania and Serbia.' - Richard Pomfret, Professor of Economics, University of Adelaide, Australia

• List of Tables and Figures Foreword List of Abbreviations Contributors Introduction; Y.Kalyuzhnova & W.Andreff PART I: PRIVATISATION AND STRUCTURAL REFORMS: THEORETICAL FRAMEWORK Ten Years After The Road to a Free Economy : The Author's Self-Evaluation of Privatisation; J.Kornai Lessons from the Experience of Privatisation in Post-planned Economies; W.Andreff Privatisation Methods and Enterprises Governance in Transition Economies; M.Vagliasindi & P.Vagliasindi Ownership and the Firm: Some Theoretical Gaps Revealed by Privatisation in Transition Economies; J-F.Nivet Privatisation, Human Capital, and Long-Run Development Strategies in Transition Economies; J.Pemberton PART II: PATTERNS AND FEATURES OF PRIVATISATION IN TRANSITION New Private Sector and Growth. A Tale of Two Economies in Transition: Poland and Romania Compared; G.Duchene & P.Rusin Privatisation and Structural Reform: Case Study Kazakhstan; Y.Kalyuzhnova Privatisation in Serbia: Attempts, Outcome and the Present State; B.Cerovic & M.Malovic Privatisation in Czech Republic: Strengths and Weaknesses; A.Zemplinerova & M.Machacek Privatisation of Banks and Firms: The Polish Route; A.Dudzinski & K.Szymkiewicz Conclusion; Y.Kalyuzhnova & W.Andreff Index